UNITED STATES
                        SECURITIES AN EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                    FORM S-8
                        POST-EFFECTIVE AMENDMENT NUMBER 1
                            REGISTRATION NO. 33-8246

             REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                            WELLCO ENTERPRISES, INC.
             (Exact name of registrant as specified in its charter)

    North Carolina                                      56-0769274
(State of incorporation)                  (I. R. S. Employer Identification No.)

            150 Westwood Circle, P. O. Box 188, Waynesville, NC 28786
                    (Address of Principal Executive Offices)

                     1985 Stock Option Plan for Key Employee
                            (Full title of the plan)

                David Lutz, P. O. Box 188, Waynesville, NC 28786
                     (Name ad address of agent for service)

                           828-456-3545, extension 102
                     (Telephone number of agent for service)


                                   Page 1 of 2





                         DEREGISTRATION OF COMMON STOCK

On August 25, 1986, Wellco Enterprises,  Inc. (the Company) filed a Registration
Statement (the Registration  Statement) on Form S-8,  Registration No. 333-8246,
for the sale of 40,000 shares of the Common  Stock,  par value $1.00 (the Common
Stock) of the Company  under the 1985 Stock Option Plan for Key  Employees  (the
Plan). On February 10, 1986 stock options were issued for the purchase of 28,000
shares of Common Stock covered by this Registration  Statement,  and on June 14,
1989 stock options were issued for the purchase of the  remaining  12,000 shares
of Common Stock covered by this  Registration  Statement.  Stock options for the
purchase  of 39,100  shares  of the total  40,000  shares of Common  Stock  were
exercised by  employees.  Stock options for the purchase of 900 shares of Common
Stock expired without  exercise because of the death or retirement of employees.
This Post-Effective Amendment No. 1 to the Registration Statement is being filed
to deregister the 900 unsold shares of Common Stock formerly  issuable under the
Plan.

                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Act of 1933,  the  registrant
certifies  that it has  reasonable  grounds to believe  that it meets all of the
requirements  for filing on Form S-8 and has duly  caused  this Pols-  Effective
Amendment  to the  Registration  Statement  to be  signed  on its  behalf by the
undersigned,  thereunto  duly  authorized in the City of  Waynesville,  State of
North Carolina, on the 14th day of October, 1999.


/s/ Horace Auberry
By: Horace Auberry, Chairman of the Board of
Directors (Principal Executive Officer)


/s/ David Lutz                                          /s/ Tammy Francis
By: David Lutz, President and Treasurer            By: Tammy Francis, Controller
(Principal Financial Officer)                     (Principal Accounting Officer)

Date: October 14, 1999

Pursuant to the requirements of the Securities Acto of 1993, this Post-Effective
Amendment to the Registration Statement has been signed by the following persons
in the capacities and on the date indicated.


/s/ Horace Auberry                                        /s/ Rolf Kaufman
Horace Auberry, Director                                  Rolf Kaufman, Director


/s/ David Lutz                                            /s/ J. Aaron Prevost
David Lutz, Director                                  J. Aaron Prevost, Director


/s/ Fred K. Webb, Jr.
Fred K. Webb, Jr.,  Director

Date: October 14, 1999


                                   Page 2 of 2